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FEDERAL RESERVE BANK OF NEW YORK Fiscal A g en t of the U nited States r Circular N o. 5 2 8 4 ~1 January 10, 1963 J L Results of Treasury’s One-Year Bill Offering To All Incorporated Banks and Trust Companies, and Others Concerned, in the Sccond Federal Reserve D istrict: The following statement was issued by the Treasury Department and released for publication in this morning’s newsjJapers: The Treasury or thereabouts, o f January 15, 1964, Banks on January Department announced last evening that the tenders for $‘2 ,500,000,000, 365-day Treasury bills to be dated January 15, 1963, and to mature which were offered on January 2, were opened at the Federal Reserve 9. The details o f this issue are as fo llo w s: Total applied fo r Total accepted . . $5,244,461,000 $2,501,250,000 (includes $243,310,000 entered on a non com petitive basis and accepted in full at the average price shown below) Range of accepted competitive bids (excepting three tenders totaling $5,300,000) : H i g h ........................ 96.958 Low ........................ 96.938 ............... 96.943 Average Equivalent rate o f discount approx. 3.000% per annum Equivalent rate o f discount approx. 3.020% per annum Equivalent rate o f discount approx. 3.015% per annum1 (13 percent of the amount bid fo r at the low price was accepted) Federal Reserve District Total applied for Boston ....................................................$ 71,079,000 New Y ork ............................................. 3,877,645,000 Philadelphia ......................................... 58,461,000 C le v e la n d ............................................... 216,550,000 R ic h m o n d ............................................... 19,353,000 A t la n t a ................................................... 47,268,000 Chicago ................................................. 479,381,000 St. Louis ............................................... 59,703,000 Minneapolis ........................................... 47,614,000 Kansas C i t y ........................................... 67,977,000 Dallas ...................................................... 42,580,000 San F r a n c is c o ....................................... 256,850,000 T o t a l ........................................... ’ Total accepted $ 8,979,000 1,739,008,000 11,951,000 118,239,000 10,981,000 28,082,000 306,594,000 29,410,000 18,514,000 43,607,000 13,840,000 172,045,000 $5,244,461,000 $2,501,250,000 1 On a coupon issue of the same length and for the same amount invested, the return on these bills would provide a yield o f 3 .1 3 percent. Interest rates on bills are quoted in terms o f bank discount, with the return related to the face amount o f the bills payable at maturity rather than the amount invested, and their length in actual number o f days related to a 360-day year. In contrast, yields on certificates, notes, and bonds are computed in terms o f interest on the amount invested, and relate the number o f days remaining in an interest payment period to the actual number o f days in the period, with semiannual compounding if more than one coupon period is involved. A lfred H ayes, President.
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